We recently published a list of 10 Firms Post Strong Gains Amid Wall Street Bloodbath. In this article, we are going to take a look at where Transocean Ltd. (NYSE:RIG) stands against other firms post strong gains amid Wall Street bloodbath.
Wall Street’s main indices closed sharply in the red on Tuesday, as investors shifted to other higher-yielding assets following better Treasury yields.
The Nasdaq Composite led the drop, losing 1.89 percent, followed by the S&P 500 declining 1.11 percent. Meanwhile, the Dow Jones dipped by 0.42 percent.
Meanwhile, let us look at the ten firms that bucked an overall broader market downturn and posted notable gains and explore why.
To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.
An aerial view of an oil rig with drillers in hard hats working on the platform.
Transocean Ltd. (NYSE:RIG)
Similar to Sibanye, shares of Transocean Ltd. (NYSE:RIG) grew by 4.52 percent or $0.18 to finish at $4.16 as investor sentiment was boosted by news of potential taxes on the minerals and energy production sector.
A Washington report earlier this week said that aides of incoming president Donald Trump would explore potential levies on all countries for critical imports such as minerals and the energy production sector.
Transocean (NYSE:RIG), an American drilling company providing offshore contract drilling for oil and gas wells, stands to benefit from any potential imposition of taxes.
Just recently, the company announced it had secured a multi-million deepwater drillship contract with India-based Reliance Industries Ltd. The estimated 270-day program is expected to commence in direct continuation of the rig’s firm term with Reliance and contribute approximately $111 million in backlog, excluding additional services.
Overall, RIG ranks 9th on our list of firms post strong gains amid Wall Street bloodbath. While we acknowledge the potential of RIG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RIG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.